Bitcoin is approaching a critical resistance level at $116,963, with approximately 534,000 holders at risk of breaking even. This level has historically been a point of contention, often leading to profit-taking and distribution. Current market dynamics indicate liquidity is accumulating around this resistance, with some investors exiting while institutional players increase their positions. The BTC/USDT Order Book shows strong buying support below the current price, suggesting a tendency among traders to buy on dips. A breakthrough of the $116k resistance could prompt a swift retest of $120k, though market volatility remains high.